When you take on debt, the company is obligated to pay it back. If you're unsecured, you don't have any PREFERENTIAL right during a liquidation, but you do have a right to get the proceeds from any liquidation left after the secured creditors are paid off.
To say toxic lenders (or any lenders) "don't have to get paid off" shows a complete lack of understanding of not only finance, but of law.
Your obsession with "binary events" is quite comical. Anything can be presented as a "binary event". It happens or it doesn't. To say that everything else is meaningless to the likelihood of that binary event is laughable.
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